BML Disaster Relief Loan
BML has taken an extra step forward to provide assistance to the victims of natural disasters. BML Disaster Relief loan is a concessional loan designed to provide financial assistance to cover the structural damages of their personal dwellings.
This loan aid is a joint initiative with the National Disaster Management Center (NDMC).
- Lower interest rate: 10 % p.a (base rate)
- Equity Contribution: 40 % ( provided by NDMC)
- Long Term Repayment Period: up to 15 years
- Maximum Loan Amount: MVR 510,000
- Security Cover: 120 % of the property to be rebuilt
- Maldivians aged between 18 to 60 years
- Borrower should be land owner
- Residents living in the house at the time of natural disaster strike
- Official document from the NDMC stating the equity portion provided